PBOC cuts short-term rate ahead of briefing

The decision to lower the 14-day reverse repurchase rate to 1.85% from 1.95% came ahead of the National Day Holiday that will last seven days from October 1. The People's Bank of China (PBOC) typically offers 14-day loans ahead of long break. The last time it provided such lending was in February ahead of the week-long Lunar New Year break. The central bank also injected 74.5 billion yuan ($10.6 billion) of liquidity into the banking system via the tool, it said.